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Views: 53 DOM: 137 Updated: 10.03.24 Posted: 08.06.24 Status: Active

Summary

Price $3,830,224
Built/Renov 1995/2022
Tenant Chili's (GL)
Cap Rate 5.35%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,230
Lease Start 08-11-1995
#Units 1,605
Price/SF $732.36
Expiration 01-31-2031
Tenant Type Casual Dining
NOI $204,917
R. Term 6.1
Ownership Ground Lease
Rent/SF $31.59
Increases 4.1%/2/yrs
Pop 5Mi 313,875
Lot/AC 1.00
Options 2/5yrs/10%
AHHI 5Mi $123,744

Lease Highlights

  • Chili’s has been operating in this location since 1995
  • The tenant has 6+ years remaining on the current ground lease term with 2 (5-year) options to extend
  • The lease features 4.10% rental escalations throughout the initial term and 10% escalations at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Chili's is strategically located on State Street, with access to a daily traffic count of 28,333 vehicles. The property is an outparcel at The Shops at South Town, Utah's largest shopping mall, which spans over 1.3 million square feet of retail space. It is adjacent to the on/off ramps for Interstate-15 (172,496 VPD), a major thoroughfare for the metro area. Additionally, the site is...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chili's
  • Guarantor:Corp T and Rated
  • Company:Brinker International, Inc.
  • # Units:1,605
  • Tenant S&P: BB-
  • Moody’s: Ba3
  • Stock: NYSE: EAT

About Tenant

Chili’s Grill & Bar is an American casual dining chain serving American food, Tex-Mex cuisine, and Mexican-inspired dishes. Founded in 1975 on the corner of Greenville Avenue and Meadow Road in...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 9,987 112,281 304,438
2024 Total Population : 9,889 112,095 304,027
2024 Employed Civilian Pop : 6,434 62,675 168,178
2024 Total Businesses : 826 5,671 11,043
2024 Average Household Income : $ 118,190 $ 137,335 $ 146,649
2024 Total Consumer Spending : $ 433 M $ 4734 M $ 13220 M
2024 Median Age : 33 35 35
2024 Total Households : 4,201 39,820 104,414
2024 Pop Age 25+: Bachelor's Degree : 1,855 20,923 56,583
2024 Average Home Value : $ 546,013 $ 635,279 $ 675,259
*ESRI data is presented for informational purposes only

Listing Broker

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